Partial transmit sequence (PTS) algorithm is known as one of the most efficient ways to reduce the peak-to-average power ratio (PAPR) in the orthogonal frequency division multiplexing (OFDM) system. The PTS algorithm, however, requires large numbers of computation to implement. Thus there has been a trade-off between performance of PAPR reduction and computational complexity. In this paper, the performance of PAPR reduction and computation complexity of PTS algorithms are analyzed and compared through computer simulations. Subsequently, a new PTS algorithm is proposed which can be a reasonable method to reduce the PAPR of OFDM when both the performance of PAPR reduction and computational complexity are considered simultaneously.